GBP/USD still near session lows on Carney’s presser

Pablo Piovano FXStreet

GBP/USD is now attempting to rebound from daily lows following the press conference by Governor M.Carney, currently hovering over 1.3160/50 after dropping as low as the 1.3140 region.

GBP/USD still weaker on BoE

Sterling regained some attention after BoE’s Carney said some tightening is needed in the next year, while the central bank can support the economy through Brexit.

Carney also added that the drop in GBP has squeezed real income while growth has been dragged lower on weaker consumer spending.

Furthermore, Carney argued that a slower UK economic potential could have consequences on the monetary policy.

GBP/USD levels to consider

As of writing the pair is losing 0.50% at 1.3157 and a breakdown of 1.3140 (low Aug.3) would open the door to 1.3124 (10-day sma) and finally 1.3094 (23.6% Fibo of 1.2587-1.3250). On the other hand, the initial hurdle emerges at 1.3266 (2017 high Aug.3) followed by 1.3351 (high Sep.12 2016) and finally 1.3447 (high Sep.6 2016).

In addition, Cable is retreating from the proximity of overbought levels, now around 60 when gauged by the daily RSI (14), while the MACD stays on the bullish side for the time being.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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